Fitch affirms Turkey's debt rating as 'BB' changing outlook to 'stable'

Published 02.11.2019 00:46
Updated 02.11.2019 10:27
Fitch affirms Turkey's debt rating as 'BB' changing outlook to 'stable'

The international credit rating agency, Fitch affirmed Friday Turkey's long-term foreign and local currency Issuer Default Ratings (IDR) as "BB," changing the outlook to "stable" from "negative."

The agency also revised up its GDP forecast for 2019 by 0.8 percentage points to 0.3% on the back of stronger second-quarter outturns.

Fitch maintained its GDP growth forecast of 3.1% for 2020 and 3.6% in 2021.

Earlier in September, an expert from Fitch had said Turkey executed a "very impressive" bounce back from the challenges it faced last summer.

"Turkey has shown a very impressive resilience, flexibility, and recovered and stabilized from the financial crisis of last summer," Ed Parker, Fitch Ratings managing director for Europe, Middle East, and Africa EMEA region, told a global conference in London.

Pointing to Turkey's strong fundamentals, Parker said the country's sovereign balance sheet, low government debt and private banks are in relatively good shape.

He also praised the dynamism and flexibility of the Turkish private sector.

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